EV Startup River Mobility Raises $120 Million in Series C Funding

Bengaluru-based electric vehicle startup River Mobility raised $120 million in a Series C funding round led by Elev8 Venture Partners and Claypond Capital to scale its manufacturing operations.

The company, which has sold over 50,000 units of its Indie moped since 2023, reported a 330% revenue increase in the fiscal year ended March 2026, reaching monthly revenue of ₹1 billion.

River aims to reach operational profitability by 2028-29 and plans to commission a new factory by mid-2027 with an annual production capacity of up to 800,000 vehicles.